5 tips to help you buy a condo in Toronto
Are you looking to buy a condo in Toronto? Have you been saving up and patiently waiting to enter the real estate game? Are you excited about finally moving out of an apartment and into a dwelling that you actually own? I’ve personally purchased three condos in Toronto and I'd like to share my experiences to help you out.
Here are five tips to help you buy a condo in Toronto.
1. Decide if you want something pre-construction or something already built
Are you in a hurry, or are you okay with waiting? If you're just starting to save up, purchasing something that is still a couple years away from completion can be a good idea. Not only does it set your moving and saving timelines, it can also mean paying less.
If you want something that’s already built, then that’s a different story. You have to go on the hunt to see what’s available on the market.
2. Think about where you want to live and choose the best location possible
Are you thinking of living in the suburbs or right in the downtown core? The trick is find the most convenient location with the best price for your situation. Your condo’s location is important to your quality of life. You don’t want to be stuck in a community where you don’t enjoy being, even if you like the unit itself.
3. Look at the amenities
What does the building have to offer? My friend bragged about how his building had a bowling alley in it. The problem was that this bowling alley was increasing the monthly maintenance fees. You should always look at what the building offers, how those offerings relate to the price and the other costs associated with the unit.
4. Look into the condo corporation
True story: the developer that was responsible for my building went bankrupt right before I got my keys on my most recent purchase. Luckily, things still worked out. It’s important that you look into the developer of the condo and the management company responsible for the property. You want to ensure that they have a positive reputation in the real estate community, or you could end up without a place to live.
5. Buying a parking space
These things are pretty valuable. In a Facebook group that we have for my building, there’s always someone asking for a parking space. A parking space in Toronto will always be worth money. If you're a driver, factor in the cost and availability of a parking space. It can make a big difference in terms of both convenience and cost.
This should be enough information to get you started with your condo hunt in Toronto. I just hope that you don’t rush into the purchase. There’s nothing wrong with renting or waiting until you’re 100% comfortable with buying a condo.